The research in this dissertation is at the intersection of macroeconomics and financial economics.;Chapter 1 empirically tests the role of global housing factor in driving housing price fluctuations together with the effects of domestic fundamentals in Korea.;Chapter 2 and 3 explore the effect of economic risk and housing market spillovers on the U.S. business cycle fluctuations over last four decades. Both chapters provide a theoretical and empirical models which are able to analyze housing market spillovers and the effect of risks amplified by financial frictions in a single framework.;My research contributes to literature by providing a theoretical and empirical model which helps understand the linkage between financial market and real economy with housing sector.
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